MOAF: Q3 reports city and fringes’ ‘growing appeal’ despite dip

Manchester’s city centre take-up dropped 26% over the quarter, but fringe markets in Salford and South Manchester saw increased transactions, both eclipsing their 2024 performances.

More than 770,000 sq ft of city centre office space has now been signed for this year, according to the Manchester Office Agents Forum, reaching 64% of last year’s 1.2m sq ft total.

Over Q3 2025, 192,000 sq ft of office space was traded, the lowest quarterly total since Q1 2024.

However, upcoming deals such as law firm JMW’s pending move to 43,000 sq ft in 125 Deansgate, which will break the 2025 record deal, are expected to provide a boost over the final quarter of the year.

Daniel Barnes, director in the Manchester office agency team at Savills, said: “There are a number of deals already underway, so the rest of the year should see a return to form for the city centre, and the fringe markets going from strength to strength.

“With a limited development pipeline, demand for refurbished grade A stock will remain resilient and those that can offer it are well placed to land occupiers in the coming months.”

Fringe success

In Q3 2024, 72,000 sq ft of space was transacted in Salford Quays and Old Trafford. The year total signed to date in the area is now more than 209,000 sq ft, a jump from the 156,000 sq ft traded in all of 2024.

The region’s largest deal of the quarter was Ryan Property Tax Services UK’s snapping up of 32,000 sq ft at MediaCity’s Orange Tower, just shy of the largest deal of Q2 2025 – Softcat’s move to 35,000 sq ft at Manchester Goods Yard.

Similarly, in the South Manchester market, transactions have eclipsed 2024’s data.

The signing of 106,000 sq ft over Q3 brings the area’s total to 357,000 sq ft – more than the 332,000 sq ft recorded for the whole of 2024.

Barnes added: “Despite a slower quarter for the city centre, there are a number of positives to take from this data for the future.

“The continued growth outside the centre of Manchester shows that the appeal of the city is broadening, bringing a more diverse type of occupier and opening up opportunities for space further afield.”

Looking ahead

Anthony Howcroft, partner at Hallams Property Consultants, said: “With one quarter still to play, both the Salford Quays and Old Trafford and South Manchester office markets have already surpassed their full year 2024 take-up figures, setting the stage for performance well above the five-year average in 2025.

“This acceleration is being driven by a rise in larger transactions, notably the region’s standout Q3 deal at MediaCity’s Orange Tower and the 20,800 sq ft letting to HT Finance at Jackson House, Sale.

“South Manchester alone recorded four lettings over 10,000 sq ft in Q3 2025, matching the total for all of 2024.”

He continued: “These headline lettings underscore the growing appeal of Greater Manchester’s wider office market to larger occupiers, drawn by the region’s deep talent pool and robust public transport infrastructure.”

MOAF, formed in 2009, is made up of Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards, Fisher German, Hallam Property Consultants, TSG Property Consultants, JLL, Knight Frank, LSH, OBI, Savills, and Sixteen.